Is It Better to Buy a New Car or Fix an Old Car – Pros and Cons
Used cars are seeing a bit of a boom right now as new vehicles are out of reach for many new buyers. However, if you’ve had it with dealing with your used vehicle, a new car can be an attractive proposition. Wondering is it better to buy a new car or fix an old car comes down to where you are financially and where you’re headed.
Here are some things to think about when considering new versus used vehicles.
Is DIY Repair Possible?
When your car is up for repair, you might be fed up with things going wrong with your vehicle. When it feels like it’s time to get rid of a vehicle, it’s hard to feel excited about it for one moment longer. As you become fed up with the repairs, you have moments where you might decide you’d rather be in debt on a new car than deal with this one any more.
Thankfully, most cars are built for someone other than a licensed and deeply experienced mechanic to repair them. While you might feel intimidated popping open the hood of your car, it’s possible that you can repair your car all on your own. If you’ve never considered DIY repair before, the savings in labor alone can be worth a shot.
If something is already broken, it’s not like you can re-break it. If your car isn’t running, there’s no harm in opening up your hood and seeing what’s going on. Look for issues on YouTube, and you’ll find that there are lots of people willing to offer ideas on what can be fixed and how.
Were You Looking at New Cars Anyway?
So many problems with our vehicles can be fixed with a little bit of TLC and maybe a quick trip to the auto parts shop. However, if you were already one foot out the door with your current vehicle, sticking with it longer might not be an option.
Buying a new car or even a “new” used vehicle needs to happen every few years for most drivers. If you’ve got a family that you’re driving around all day and every weekend, you’re going to want something that’s modern and safe. If you don’t feel that way about your car or worry that it’s going to leave you stranded soon, it’s better to switch it out now.
Finding the right vehicle for you and your family takes time. If you’re thinking that you want to take some time to shop for the perfect car or save up for a better financing situation, fixing your car can be the best bet. Repairing your current less-than-ideal vehicle can buy you the time you’re looking for them to get you behind the wheel of your dream machine.
Do You Trust Your Mechanic?
One of the reasons that a lot of people abandon their old cars is when the repairs end up costing too much. If you’ve got your mechanic on speed dial, maybe it’s time to do something drastic about your car. When you’re dropping it off for a week every month, your car is giving you more trouble than it should.
Another issue with visiting your mechanic too often is that you might not be able to trust them. When your mechanic is dedicated to you, they’re going to break things down before they do a repair. They’ll tell you what you can expect, whether it’s going to be worth it, and what your options are.
A mechanic to avoid is the type who isn’t open about how much repairs will cost you. A seasoned and talented mechanic should be able to predict how much it costs to fix things and know well in advance. There’s no issue they haven’t seen before, so it shouldn’t be a mystery to resolve anything.
If you feel like you can’t trust your mechanic anymore, you can get a new car that’s under warranty with the dealership. This gives you help you need that you can trust.
How’s Your Credit?
When you’re looking for solutions to your car trouble, you need to think about how much you can afford now. It’s much easier for someone with spotty credit to get financing for a car that’s a few years old than for a brand new luxury vehicle.
If you’ve got good credit, you might not have anything to worry about, but you should still think about your budget. You keep good credit by making good decisions with your money. If you find yourself digging into a financial hole to get a luxury vehicle, you’ve lost sight of the goal.
Buying a used car for cash is going to do nothing for your credit. However, you won’t be hit with a dip for a hard inquiry and won’t deal with interest payments. Think about what matters before you make any decisions.
Check Trade-In Value
The trade-in value of your vehicle should come into play when you want to get a new vehicle. You might be able to subsidize half of the price of a new vehicle even with one that’s got issues.
If the mechanic at the auto dealer can see a way to fix your car quickly, they might offer you more than you expected.
If you’re shopping for a used car in Manitoba, check out these tips.
Is It Better to Buy a New Car or Fix an Old Car?
The answer to those wondering is it better to buy a new car or fix an old car often comes down to finances. If you’ve got the money to invest, a new car is going to give you fewer problems than a used car. However, if this is your first problem with a used car, don’t fret and try to get it fixed.
If you use your car for family road trips, check out our guide to make sure you’re adequately prepared for your next one.